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Your credit card has a balance of
$47004700
and an annual interest rate of
1212%.
You decide to pay off the balance over
twotwo
years. If there are no further purchases charged to the card, you must pay
$221.25221.25
each month , and you will pay a total interest of
$610.00610.00.
Assume you decide to pay off the balance over one year rather than
twotwo.
How much more must you pay each month and how much less will you pay in total interest?
 

 

    • 9 years ago
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